“We estimate the proposed deal could be 16 to 21 per cent earnings per share accretive to our current 2013 financial year NPAT estimate of $145 million," Chopra wrote in a research note to clients on Monday.

Meanwhile, he reckons net debt is likely to come down to $130 million alongside pro forma EBITDA in 2013 financial year of $407 million. This implies gearing of 0.4 times net debt to EBITDA.

Chopra also thinks the Metro radio sale process might be re-ignited. “Our 2013 financial year Radio segment EBITDA is $13 million and (we have a) valuation of $80 million (6 times EV/EBITDA)".